Personal Savings getting you down? There are always smart ways to increase your savings.
Latest News
Reasons to consider early RRSP and RRIF withdrawals + MORE Oct 24th
Workers contribute to their registered retirement savings plans (RRSPs) during their working years, with the hope of paying a lower tax rate on withdrawals than the tax rate they save when contributing. Even if the tax rates are similar, there can be a benefit to the tax deferral and compounding of .... More »
Want to boost your savings? Try a spending detox for the next seven days + MORE Jan 9th
Stopping the impulse to buy stuff on autopilot is one of the most valuable money moves you can make, Lesley-Anne Scorgie writes.... More »
“Which reverse mortgage is right for me?” Sep 12th
When Vancouver condo owners Maggie and Rob found out they were on the hook for $400,000 in improvement costs to their building and unit as required by an assessment from their Strata Council, they weren’t sure what to do. (We’ve changed their names and some details to protect their privacy.)
.... More »
What’s my RRSP contribution limit for 2021? + MORE Jan 16th
If you’re like many Canadians, you’re hoping you’ve paid enough tax in 2021 and may even be looking forward to a hefty tax refund. (The deadline for filing this year is April 30, 2022, which is on a Saturday, by the way. So you actually have until May 2, 2022 to file.) You can help ensure that.... More »
How to Improve Your Employees’ Financial Wellness + MORE Apr 9th
In today’s challenging economy, Canadians seek ways to stretch their hard-earned dollars and minimize financial strain. But learning how to make the most of every paycheque isn’t always clear or easy, which can cause added stress. Employers can help empower their employees to achieve financial w.... More »
Our roundup of the best tax tips for Canadians
– moneysense.ca
Tax tips are like opinions—everyone has one. But the key is to listen to the ones you can trust. That’s why we rounded up our favourite expert tax advice. Regardless of whether you are doing your taxes yourself, or you have someone do them for you, you will find most of these helpful to your tax situation. Here are 15 of our best tax tips for Canadians.
Claims for COVID-related work expenses
Have you spent money to keep working because of COVID-19? You will need a T2200 if you want to make any claims for work-related expenses. Even with this form, you can’t claim just anything, even if you think it is a necessity.
“That fabulous Canadian-made mask that shows your love of the Raptors, or your ‘commitment to sparkle motion’ is not deductible—unless you’re working in a field that requires it.”
Find out what you need receipts for: 2020 Income Tax: What you can’t—and can—claim for your work-from-home office during the COVID-19 pandemic
Self-employed: How much to set aside for personal income tax
Usually the employer would remove income tax from your paycheque…
Claims for COVID-related work expenses
Have you spent money to keep working because of COVID-19? You will need a T2200 if you want to make any claims for work-related expenses. Even with this form, you can’t claim just anything, even if you think it is a necessity.
“That fabulous Canadian-made mask that shows your love of the Raptors, or your ‘commitment to sparkle motion’ is not deductible—unless you’re working in a field that requires it.”
Find out what you need receipts for: 2020 Income Tax: What you can’t—and can—claim for your work-from-home office during the COVID-19 pandemic
Self-employed: How much to set aside for personal income tax
Usually the employer would remove income tax from your paycheque…
Calculating expected returns on the sale of real estate
– moneysense.ca
Q. How do I calculate the capital gain on real estate sold in Ontario? I’m trying to figure out how much I should list my main resident property for—after deducting all expenses (interest, fees, taxes)—to arrive at a reasonable profit margin. Is there a tool or app that can do that? I searched the internet and couldn’t find any articles explaining this process.
–Yan
A. Thanks for your question, Yan. There are a couple of different issues at play here, so I’ll start by clarifying a few points about capital gains, and then explain how I would approach a target sale price for real estate, as well as for other investments.
First off, since you refer to your “main resident property,” I want to be clear that the profit you earn on the sale of a property—called a capital gain—is exempt from income tax when that property is your principal residence. A principal residence can be a house, condo, cottage, or other property that you own and occupy. There may be limitations to this exemption, such as if the property is larger than 1…
–Yan
A. Thanks for your question, Yan. There are a couple of different issues at play here, so I’ll start by clarifying a few points about capital gains, and then explain how I would approach a target sale price for real estate, as well as for other investments.
First off, since you refer to your “main resident property,” I want to be clear that the profit you earn on the sale of a property—called a capital gain—is exempt from income tax when that property is your principal residence. A principal residence can be a house, condo, cottage, or other property that you own and occupy. There may be limitations to this exemption, such as if the property is larger than 1…